The bad patch continues for Twitter. Elon Musk said on Saturday that the social network, which he bought for $44 billion in October 2022, has lost about half of its advertising revenue.
“We are still in a negative cash flow situation due to a drop in advertising revenue of about 50% and a heavy debt load,” the billionaire tweeted to a user who made strategic proposals for the Blue Bird network.
“We need to get positive cash flow before we can afford the luxury of doing anything else,” he added without further elaboration.
Internet user anger
The events initiated by Elon Musk after his takeover of Twitter have upset netizens and advertisers.
In May, Insider Intelligence said Twitter will make less than $3 billion in 2023, almost a third less than it did in 2022.
Since then, the billionaire has made other statements that have angered internet users, such as his intention in early July to limit reading tweets to 10,000 per day for verified accounts, which therefore pay, to 1,000 for others, and even 500 for new accounts.
A few days later, a new announcement: TweetDeck, widely used by information professionals, will be reserved next month for certified accounts, hence will be paid.
Source: Le Parisien
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